Points to Ponder for Teens Applying for a Student Rewards Credit Card

Without a guide, teenagers may have a hard time choosing from all the credit cards in the market. If want a credit card for student with rewards, then you’ll be glad to know that there are issuers that offer reward credit cards especially for college students.

Below is a guide that you can use before signing up for a student rewards credit card:

Which Type of Reward Suits Me? Reward programs vary from – Cash Back, Gas Rewards, Travel Rewards, and more. No matter how attractive the reward program may seem to be, you want to consider if it matches with your spending and lifestyle.

For instance, a lot of people are attracted to Frequent Flier Miles credit card because they want to get the chance to fly for free. However, if you are an occasional spender, it can take you a very long time to get the free flight. If the card imposes a blackout date, you may not even get rewarded at all.

Matching a student reward credit card with your lifestyle is the key to enjoying the incentives it offers. Instead of focusing on the possibility of getting reward, be more realistic, and think about how you can benefit from your reward credit card without waiting for a very long time.

Check the annual fee. Obviously, credit cards with expensive annual fees defeat your purpose of getting a reward credit card. The cost of annual fees can offset the value of rewards you can earn. The best credit cards for students are those that carry zero annual fee.

Check if the card offers credit reporting. One important service that you must not fail to check is credit reporting provision. See to it that your payments will be reported to the major credit bureaus as it is the only way you can build your credit history.

Grab a good introductory deal. It’s great to choose a student credit card with 0% introductory APR. However, you want to make sure that the interest rate will still be reasonable when the introductory period expires.

Reasonable interest rate. The best way to reduce the risk of bad debt is to go with a low rate credit card. If you can’t pay your monthly charges in full, then perhaps you should choose a non-rewards student credit card.

Take note that credit cards with rewards have much higher interest rates than their non-reward counterparts. If you keep carrying over your balance from month to month, you can easily fall in the debt trap.

Pamela Williams is a Loan Consultant, Internet Marketer and Writer. For years she had helped consumers and business owners especially regarding business credit cards. This resource is dedicated particularly on business credit card reviews, articles, tips and advice, and online application so that consumers and business owners may compare which is the best business credit card for their business. Copyright 2007

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